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Valeant Pharmaceuticals Provides Update to Recent Event
Date:4/4/2013

MONTREAL, April 4, 2013 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today responded to a generic approval for Zovirax® ointment.

"Yesterday, Mylan announced they had received approval of a generic Zovirax® ointment," stated J. Michael Pearson .  "While the timing of a generic approval was always uncertain, this was not unforeseen and we were prepared for its eventuality. In response to the new generic approval, we will be launching an authorized generic of Zovirax® ointment today.  Valeant's business model is based on diversification which allows us to better balance sudden events such as this. 

"As we did not include this event in our original budget expectations, we expect this isolated event could impact our Cash EPS by $0.30 to $0.40 in 2013," continued Pearson.  "But there are other actions, such as several product acquisitions, the repricing of our term loan debt and continued operational performance that have occurred since we provided financial guidance in January, and we believe that these activities will mitigate the impact of the genericization of Zovirax® ointment.  We continue to expect once again to deliver outstanding performance in 2013 and we will provide an update to our 2013 guidance on our first quarter financial results conference call in May."

About Valeant Pharmaceuticals International, Inc.

Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, neurology and branded generics.  More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.<
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SOURCE Valeant Pharmaceuticals International, Inc.
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